Iran´s card payments channel recorded growth during the review period. The nation´s improved banking infrastructure, a consumer shift towards card-based payments and government initiatives to accelerate card payments contributed to the growth during the review period (2008â2012). As the popularity of e-commerce increases and prepaid cards become more commonplace, the channel is projected to grow in volume and value terms over the forecast period (2013â2017).

The card payments channel grew from 60.1 million cards in 2008 to 216.2 million in 2012, at a review-period CAGR of 37.73%. Over the forecast period, the total number of cards is projected to grow from 263.7 million to 423.2 million, representative of a forecast-period a CAGR of 12.56%. During the review period, the highest growth

was registered in the prepaid cards category, which increased from 11.7 million cards in circulation in 2008 to 70.7 million in 2012, representing a review-period CAGR of 56.81%. It is projected to reach 170.6 million cards in 2017.

In terms of the number of cards in circulation, the credit cards category recorded the second-highest review-period CAGR of 52.41% and is projected to record a forecast-period CAGR of 6.58%. In terms of number of cards in circulation the debit cards category recorded a review-period CAGR of 31.50%, and is projected to record a forecast-period CAGR of 10.48%.

The key growth drivers during the review period were an increased demand from the unbanked population for transaction facilities, the use of prepaid cards for conducting e-commerce transactions, and reward programs.

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